Framingham, Mass. – Residence as a proportion of complete gross sales jumped 21% final 12 months at TJX Cos., and the corporate sees extra market share alternative on the horizon.
Residence accounted for almost 40% of gross sales within the latest fiscal 12 months, up from 33% in 2019. With that in thoughts, CEO and president Ernie Herrman introduced a brand new long-term goal for HomeGoods shops within the U.S.: 1,500 items – up roughly 100 doorways from the earlier estimate. The nameplate stays on monitor to launch e-commerce later this 12 months and at the moment operates 821 shops.
“We really feel like there’s far more market share alternative as we transfer ahead,” Hermann advised analysts throughout the firm’s quarterly name.
The Residence Sense division will open 5 U.S. shops this 12 months. “Comps are even larger at Residence Sense than they’ve been at Residence Items,” stated Scott Goldenberg, senior EVP and CFO for TJX Cos. “Common retail and common basket have been robust.”
For the fourth quarter ended Jan. 30, gross sales efficiency by division included:
HomeGoods: Gross sales up 14.0% to $1.25 billion, with comp up 12%
Marmaxx U.S.: Gross sales down 6.5% to $6.92 billion, with comp down 7%
TJX Canada: Gross sales down 26.3% to $837 million
TJX Intl (Europe and Australia): Gross sales down 44% to $961 million
NOTE: Comp comparisons are measured solely utilizing shops that had been open in This fall and the year-earlier interval. It doesn’t embrace e-commerce.
Due to COVID-19 authorities restrictions, shops in Europe had been closed for two-thirds of This fall and shops in Canada had been shuttered for roughly one-third of the interval, executives stated. The corporate estimated the closures might have resulted in roughly $950 million to $1.05 billion in misplaced gross sales.
Whole firm gross sales for fourth quarter fell 10.7% to $10.9 billion, with open-only comp down 3%. Web revenue tumbled 67.0% to $326 million, or $0.27 per diluted share.